Your middle school-aged child earns her own money by babysitting. Should she be able to spend that however she wants, or do you screen her purchases?
Screen, but be generous about it
I can't think of anything she can legally buy at that age that I've got a problem with
While she is in My house, I'm the boss. I will screen, but give her lots of leeway.
I have a 13yo that was just up for a job earning hundreds of dollars. She knows going into it that the money is her money but it will be tightly watched.
Anything but drugs or alcohol
There should be done restrictions, but generally speaking she decides
No drugs, alcohol, revealing clothing, and animals are off limits.
Within a few boundaries ex. Dildo's condoms a vibrator those kinds of things would not be allowed
Or slutty clothes
She can decide within reason. If she spends tops much of the money i will step in and force her to save some to learn good habits.
Clothing and makeup within reason or saving for a concert or event she wants to attend.
So wait you wouldn't let her buy tickets to a concert?
As long as it's not drugs or alcohol idc.
I mean, obviously heroin and cocaine and the likes are off limits. But while I wouldn't screen her on how she spends her money, I would try to help her and teach her the ways of money management.
I want to see a spending report. I want to see her start acting responsibly with money. 15% to saving 10% to charity. Smart money, smart kids is a great book for her.
I will screen but still give her a lot of leeway on what she chooses.
I will screen but only advise her on wise or foolish purchases. Its still her choice on what to spend it on.
Spending gets screened. I'm sure there are some things I don't want my son buying.
She decides. However, I'd tell her that for every dollar she saves and invests, I'd match it.
Oh that's an awesome idea. Good parenting.
Economics is all about incentives! I think it's vital that children start saving young - compound interest is really a beautiful thing. If you start investing in middle school, you'll be in a better situation than 90% of people when it comes to...
college and student loans.
This is a great idea.
Exactly! I was thinking psychology. Get that positive reinforcement goin. It's absolutely good life planning to start saving as early as possible, even if it's like $1 a month in elementary school haha
We will do the three envelopes: Spend, Save, Charity.
Does she choose the charity?
She will. We just started it in June.
I'm going to make her save a portion in a bank account so that she learns how.
^ my mom made me put away a certain percentage religiously and I've been so grateful to her for starting that trend with me